2015 (6) TMI 100

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....rpreet Ajmani, Ms Ananya Kapoor, Ms Rashi Khanna, Mr Rohan Khare and Ms Akanksha Choudhary, Advs. ORDER ITA 928/2007 1. The question of law framed in this case is as follows: "Whether ITAT was correct in law in confirming the order passed by the CIT(A) and thereby allowing the set off of losses of Rs. 2,46,93,358/- of the amorphous division of the assessee against the profit of the oth....

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....; (Section 2(45) of the Income Tax Act) stated as follows:- "5.1 All income for the purposes of computation of total income is to be classified under the following heads of income and computed in accordance with the provisions of Chapter IV of the Act- Salaries Income from house property Profits and gains of business and profession Capital gains Income from other sources 5.2 T....

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....ction in accordance with the provisions of Chapter VI-A or section 10A, 10B etc. of the Act, the same shall be allowed in computing the total income of the assessee. 5.3 If after aggregation of income in accordance with the provisions of section 70 and 71 of the Act, the resultant amount is a loss (pertaining to the assessment year 2001-02 and any subsequent year) from eligible unit it shall be....

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....igh Court and the Gujrat High Court. The Court after analyzing all these decisions was of the opinion that previous ruling in Tei Technologies (supra) that set off is impermissible was justified. In these circumstances, the reliance placed by the assessee, upon the aforesaid circular is unpersuasive. The question of law framed is answered in favour of the Revenue and against the assessee in the ab....